NEW YORK, NY – August 13, 2009 – (RealEstateRama) — The boards of the New York State Housing Finance Agency (HFA) and the New York State Affordable Housing Corporation (AHC) today approved $12.65 million in financing to renovate 141 units of affordable housing in Oneida County.
“These financings will improve the housing stock in the Mohawk Valley and the quality of life for Oneida County residents,” said Priscilla Almodovar, HFA and AHC President and Chief Executive Officer. “They also take advantage of financing provided by the Federal stimulus bill to improve the economy of the Mohawk Valley. Our actions reinforce the Paterson administration’s goal of making New York State a better place to live and work.”
Madison Plaza Apartments
HFA approved $12.35 million in financing for major capital improvements at the 127-unit Madison Plaza Apartments, 100 North Madison Street, in the City of Rome.
Madison Plaza is a Mitchell Lama multifamily rental development built in 1973. Renovations will include faзade repair, roof replacement, handicap accessibility, new windows and doors, and kitchen and bathroom upgrades. The repairs will be made without displacing the tenants. Ninety-five percent of the units will be reserved for tenants at or below $33,480 in household income for a family of four.
The borrower, 100 North Madison Associates LP, is an entity controlled by CRM Housing Development, Inc., whose sole principal is Thomas Kirkpatrick.
The total cost of the project is more than $10.7 million. In addition to the HFA financing, the project will also receive a HUD Interest Rate Reduction Agreement to support $810,000 in debt service; $132,000 in funding from the New York State Energy Research and Development Authority (NYSERDA); HUD Enhanced Vouchers for most of the tenants; an annual allocation of $415,000 in Federal Low-Income Housing Tax Credits; a property tax abatement with the City of Rome; and an allocation from the Federal Tax Credit Assistance Program (TCAP) created by the Federal stimulus bill.
Other subsidies include a HUD Interest Rate Reduction Agreement to support $810,000 in debt service; $132,000 in funding from the New York State Energy Research and Development Authority (NYSERDA); $900,000 in Weatherization Assistance Program (WAP); HUD Enhanced Vouchers for most of the tenants; an annual allocation of $335,000 in Federal Low-Income Housing Tax Credits; and a property tax abatement with the City of Rome.
Utica Home Preservation Program
AHC approved a $300,000 grant to Rebuild Mohawk Valley, Inc. (RMV) to renovate 14 housing units in the City of Utica.
The grants will be used for the rehab of eight single-family homes and three two-family homes. Many of the homes are more than 75 years old, and grant funds are needed to address repairs such as insulation, electrical, plumbing, water and septic systems upgrades. This project will meet the critical needs of low- to moderate-income homeowners, provide an opportunity to prolong the useful life of their homes, and bring the homes into compliance with local and state building codes and laws. The grant awards will be limited to households earning up to $49,987 for a family of four.
The total cost of the project is $500,000. In addition to the AHC grant, the project will be funded by $110,500 in grant funds provided by the City of Utica, a $19,500 grant provided by the Mohawk Valley Community Action Agency (MVCAA), and $70,000 in grant funds provided by New York State Energy Research and Development Authority Kalex — a NYSERDA subsidiary.
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The NYS Housing Finance Agency was created in 1960 to sell bonds to finance the construction and rehabilitation of multifamily affordable rental housing in New York State.
AHC, an HFA subsidiary, was established in 1985 to promote homeownership by low- and moderate-income households. Financial assistance approved annually by the New York State Legislature, combined with other private and public investment, is used for the construction, acquisition, rehabilitation and improvement of owner-occupied housing.
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Contact: Philip Lentz
Director of Communications
212-872-0679
plentz (at) nyhomes (dot) org
